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Bajaj Auto, the Indian motorcycle manufacturer, is aggressively pursuing growth in the domestic mid-size motorcycle segment by expanding its Triumph brand's product portfolio and bolstering its sales network. The company, which has a global partnership with the iconic British motorcycle brand Triumph, recently unveiled two new 400cc bikes, the Speed T4 and Speed 400, priced at Rs 2.17 lakh and Rs 2.4 lakh respectively (ex-showroom Delhi).
Sumeet Narang, Bajaj Auto's President of Pro Biking Business Unit, emphasized the company's focus on expanding its Triumph operations beyond the initial establishment phase. The goal is to reach around 170 dealerships by the end of the year and push that number beyond 200 by next year. This expansion will target smaller cities and towns, aiming to capitalize on the growing market in these areas. Narang highlighted the importance of penetrating these regions for rapid growth in the coming years, stating that the company anticipates significant coverage expansion within the next 18 to 24 months.
Further fueling Triumph's growth are plans to introduce new models within the next year. The company recognizes the importance of expanding its product line to satisfy its dealers and customers, who have invested in exclusive Triumph showrooms based on the global format. Triumph, known for its modern classics range, competes directly with Royal Enfield in the domestic market. This segment, accounting for approximately 11 percent of the total motorcycle industry, has been experiencing a remarkable growth trajectory, expanding at twice the rate of the overall motorcycle segment over the last three years, boasting a CAGR of nearly 30 percent.
The success of the Triumph brand in India is evident, as Bajaj Auto has surpassed other players in the classic segment, achieving the number two position in terms of volume within a year, behind the market leader. With the introduction of new models, the company is confident in further solidifying its position as the number two player. Bajaj Auto's Executive Director, Rakesh Sharma, underscored the unique appeal of the two newly launched models, the Speed T4 and Speed 400, which blend heritage and innovation to cater to both relaxed and performance-oriented riders.
The success of the Triumph and Bajaj alliance is further validated by the impressive sales figures for the TR series, exceeding 60,000 bikes across over 50 countries, including India. This positive reception and expanding franchise have bolstered confidence in the brand's future prospects. With a strategic focus on expanding its sales network, introducing new models, and capitalizing on the booming mid-size motorcycle segment, Bajaj Auto is well-positioned to solidify Triumph's presence in the Indian market and achieve significant growth in the coming years.
Source: Bajaj Auto looks to expand Triumph range, sales network to fuel future growth